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news.Exactech, a developer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, has closed sale of 877,391 shares of its common stock to certain institutional investors at a price of $23 per share.
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The sale resulted in gross proceeds of approximately $20.2 million and net proceeds of approximately $18.8 million after offering expenses and placement agency fees.
Exactech expects to use the net proceeds from the sale of these securities for the payment of debt, and the remainder, if any, for general corporate purposes, including working capital, product development and capital expenditures.